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GREAT WEST LIFE & ANNUITY INSURANCE CO FILES (8-K/A) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTIONOF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS Mr. Mannello's initial base salary will be $415,000. He will be eligible to participate in (i) the Company's Annual Incentive Bonus Program; (ii) the Company's Share Unit Plan for Senior Executives; (iii) the Great-West Lifeco Inc. Stock Option Plan; and (iv) other components of the Company's executive compensation program. Further information on the above referenced plans and programs is set out in the Company's 2013 Form 10-K. Mr. Mannello received an initial grant of 31,100 stock options under the Stock Option Plan. The options granted vest at 20% per year over five years and have an aggregate grant date fair value of $174,726 using the Black-Scholes option pricing model. Mr. Mannello has the following compensation guarantees for 2014: (i) a bonus under the Annual Incentive Bonus Plan equal to 75% of base salary earned from August 11, 2014 to December 31, 2014 ("eligible earnings"); and (ii) a grant of share units under the Share Unit Plan equal to 37.5% of his eligible earnings. If Mr. Mannello's employment with the Company is terminated without cause in the first two years of employment he will receive a cash payment of $996,000. |